IRS Form 941 Reporting Update

Training Provided by Lorman Education Services nThe IRS collects hundreds of billions of dollars of employment taxes each year - more than any other source of revenue. Form 941 and related forms lie at the heart of the IRS's employment tax collection system. Much of the administrative burden under that system falls on employers. An employer's failure to understand and comply with its obligations can result in IRS assessments, audits and penalties. This teleconference will help tax and payroll specialists and others with an interest in this issue to understand the employer's obligations under the employment tax collection system, including how to handle corrections and disputes when they arise.

IRS Form 941 Reporting Update Agenda

1:00 pm - 1:55 pm

1. Overview of Employment Tax Rules
1. Withholding Requirements
1. Wage Withholding
a. When Required

i Definition of Employee

ii Definition of Wages

iii Special Situations (Damages, Post-Termination Payments, Religious Objections, etc.)

2. Backup Withholding
a. When Required

i Failure to Provide Valid TIN

ii Notification From IRS

b. Procedures Used to Avoid Penalties
3. Withholding on Payments to Nonresident Aliens
2. Deposit Requirements
1. Due Dates and De Minimis Rules
2. Electronic Federal Tax Payment System
3. Employment Tax Return Requirement
1. Forms for Different Types of Employment Taxes
a. Form 940, Annual Federal Unemployment Tax Return
b. Form 941, Quarterly Federal Tax Return
c. Form 943, Annual Federal Tax Return for Agricultural Employees
d. Form 944, Annual Federal Tax Return
e. Form 945, Return of Withheld Federal Income Tax
f. Form CT-1, Annual Railroad Retirement Tax Return
g. Schedule H, Household Employment Taxes
2. Filing Returns Electronically
4. Information Reporting Requirements
1. Forms W-2 and W-3
2. Form 1099-MISC
3. Special Situations (Employee Termination, Mergers, etc.)

1:55 pm - 2:20 pm

2. Compliance Issues
1. Correcting Errors on Prior Returns and Obtaining Refunds
1. Administrative Rules
a. Pre-2009 Rules
b. 2009 Rules
2. Refund Suits
3. Employee Notice Requirements
4. Special Situations (Mergers, etc.)
2. Interest and Penalties
1. Failure-to-Deposit Penalty
2. Interest on Late Payments, Interest-Free Adjustments
3. Failure-to-File Penalty
4. Accuracy-Related Penalty
5. Failure-to-Pay Penalty
6. Information Reporting Penalties
7. Responsible Person (Trust Fund Recovery) Penalty
8. Criminal Penalties

2:20 pm - 2:30 pm

3. Questions and Answers

About The Training Provider: Lorman Education Services

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